# CFA Franc Zone Deep Dive: WAEMU vs CEMAC

| Variable | CFA: Full | WAEMU | CEMAC | CFA: Age | CFA: WAEMU int |
|:---|---:|---:|---:|---:|---:|
| Z_1 | 126.5171*** | 16.7730 | 405.2762** | | 119.7590** |
| | (48.7210) | (23.5752) | (171.7442) | | (50.1008) |
| Z_2 | -17.2195** | 0.6863 | -59.2028** | | -16.6079** |
| | (8.0030) | (3.9785) | (26.3124) | | (8.1080) |
| Z_3 | 0.6638* | -0.0848 | 2.3538** | | 0.6340* |
| | (0.3474) | (0.1759) | (1.0888) | | (0.3507) |
| fiscal_bal_gdp | 0.5121*** | 0.1205*** | 0.6998*** | 0.5023*** | 0.5088*** |
| | (0.0853) | (0.0424) | (0.1756) | (0.0855) | (0.0856) |
| nfa_gdp_lag | 2.5280 | -0.0263 | 2.4620 | 2.2307 | 2.1832 |
| | (1.6114) | (0.9021) | (3.4439) | (1.6424) | (1.6735) |
| rgdp_growth | 0.2282*** | -0.0404 | 0.2850*** | 0.2381*** | 0.2307*** |
| | (0.0398) | (0.0320) | (0.0669) | (0.0396) | (0.0398) |
| old_dep | | | | 1.1238 | |
| | | | | (89.7373) | |
| youth_dep | | | | -30.3797*** | |
| | | | | (8.6579) | |
| is_waemu | | | | | 24.5001 |
| | | | | | (15.4347) |
| Z_1_x_waemu | | | | | 7.9721 |
| | | | | | (5.1264) |
|:---|---:|---:|---:|---:|---:|
| N | 528 | 327 | 201 | 528 | 528 |
| R² | 0.0711 | 0.2299 | 0.1130 | 0.0213 | 0.0761 |
| Countries | 14 | 8 | 6 | 14 | 14 |

*Panel GLS with country and year fixed effects. CFA members post-accession. WAEMU: 8 West African countries. CEMAC: 6 Central African countries.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*